Creditor Debt Recovery

In a bankruptcy, what debts must be paid first? What’s left for the other creditors? For example, what happens when a person leaves nothing but debts to his or her spouse at the time of death? What happens when credit card and tax liabilities are liquidated?

Éric Lebel, Partner and Licensed Insolvency Trustee, explains the difference between secured and unsecured debt in a July 21stJournal de Montréal article.

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Impacts of Rise in Bank of Canada’s Policy Rate

Last July, the Bank of Canada increased its policy rate by a quarter point (from 0.5% to 0.75%), a first since 2010. How will this hike affect mortgages? Our financial turnaround advisor and Licensed Insolvency Trustee explains the potential hazards of this increase in addition to providing tips on having sound financial habits .

For more information, listen to the two interviews with our expert on this topic on July 12th on Radio-Canada radio (segment at 16h24) and on TVA Nouvelle (go to 6th minute).

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Golfer ou pédaler? pour votre santé 2017 Event: A Great Day!

Matane Office Partners and Employees Get Involved in Their Community by Participating in the Golfer ou pédaler? pour votre santé 2017 Event to Support the Fondation de l’Hôpital de Matane.

On a beautiful summer day last July 14th, the four partners and the employees of Raymond Chabot Grant Thornton’s Matane office participated in the Golfer ou pédaler? pour votre santé fund-raising event for the Fondation de l’Hôpital de Matane. Gino Gosselin, CPA, CGA, M. Fisc., Tax Partner, served as honorary president for this event that raised some $30,565 thanks to the numerous participants and sponsors. The funds will be used to purchase endoscopy equipment for the operating room, a microscope for the laboratory, a laryngoscope and five oncology treatment chairs.

About 40 golfers participated in the 18-hole shotgun-style golf tournament at Club de golf de Matane, with an equal number of cyclists covering 55km or 110km between the famous Reford Gardens and the golf club.

During his speech at the supper, Gino mentioned that the Fondation de l’Hôpital de Matane and the Raymond Chabot Grant Thornton Matane office shared the same founder, Gérard Lavoie. He went on to say that the office’s four partners proudly share the values of support and sharing that were so important to Gérard, who was also extensively involved in the community. “Through our actions, we want to ensure that this culture of participation perseveres and we will continue on our path as leaders and business advisors in the Matane region,” he concluded to the warm applause of those in attendance.

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As most of us are still waiting for summer to truly arrive, the federal government unleashed a storm of controversy on July 18th when it tabled a number of legislative proposals and a consultation document titled “Tax Planning Using Private Corporations”.

While the federal government’s intention to address tax planning strategies involving private corporations that can result in high-income individuals obtaining tax benefits not available to other individuals had been announced in its 2017 budget, the documents tabled are far more extensive.

The documents propose legislative changes that include a number of measures that would be applicable as of July 18, 2017 and several matters for more widespread consultation. The proposed amendments relate to:

Income splitting;

The lifetime capital gains exemption;

Tax on passive income;

Compensation by way of capital gains.

The consultation period ends on October 2, 2017.

Attached Tax News includes a summary of the proposed measures. As Québec’s largest firm of chartered professional accounts with the most extensive network of tax specialists in the province, Raymond Chabot Grant Thornton has already begun and will continue its in-depth analysis of the proposed changes.

How will these changes impact you?

The proposed changes could significantly impact your corporate and tax structure. However, at this time, we cannot provide a definitive recommendation on the approach you should adopt. Rest assured though that your Raymond Chabot Grant Thornton advisors have your interests at heart.

Most of the proposed changes will only come into effect in 2018 and they could change in the coming months in response to comments from tax industry specialists.

Our experts are working proactively to influence the final outcome and are continually seeking innovative strategies to address the changes within legal parameters and in your greatest interest.

Any change is an opportunity to take a step back and review your overall situation and structure your affaires to minimize your tax burden within the limitations of tax legislation.

We can assure you we are already on the ground and will be ready to react quickly.